General Electric Company’s (GE Quick QuoteGE - Free Report) unit, GE Vernova’s Hydro Power business, has signed a Memorandum of Collaboration (MoC) with Ukraine’s biggest operator of hydropower plants, Ukrhydroenergo, to construct and restore Ukraine’s hydropower facilities.

GE Vernova is the combined operations of GE Digital, Renewable Energy and GE Power. Its Hydro Power business creates state-of-the-art technologies, which use the power of water to deliver reliable energy to some of the world's largest economies and remote communities.

Per the two-year deal, GE and Ukrhydroenergo will construct a new pumped storage plant of Kaniv (1 GigaWatt), supply three units of 324 megawatt (MW) for the Dniester power plant, and overhaul the Kakhovka power plant (335 MW), which was damaged during the Russia-Ukraine conflict. Upon completion, these power plants will provide clean and reliable electricity to the Ukrainian houses, schools, hospitals and businesses.

The two companies are likely to collaborate on other projects in the near future and this MoC provides the framework for the same.

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